IMF’s helping hand to drive Pakistan out of financial crisis: Asad Umar

F.P. Report

ISLAMABAD: Federal Minister for Planning, Development & Special Initiatives Asad Umar on Monday claimed that with the successful implementation of International Monetary Funds’ (IMF) program Pakistan would overcome its recurring balance of payment problem.

“Pakistan is on the path to sustainable growth” the PTI minister was quoted as saying in a press release issued after his meeting with British High Commissioner Dr. Christian Turner

Umar said that the reform process was bearing fruit, as Pakistan’s economy was showing upward trajectory, besides and inflation is likely to decrease further.

He said that China-Pakistan Economic Corridor (CPEC) has entered its second phase and its development would be led by the private sector.

The federal minister highlighted the potential for British investors in new areas of economy such as telecommunication, information technology, as well as investment in agriculture, health, higher education, and skill development. He asked the High Commission to urge the British investors to fully exploit this opportunity.

British High Commissioner Dr. Christian Turner said that the UK would explore the potential of investments in such areas as clean energy, combating climate change, health, education and tourism sector in Pakistan.

The federal minister appreciated the current level of British engagements in Pakistan, and affirmed the resolve to improve the bilateral business and investment relations to new heights.

Talks with IMF for Next Tranche

In February, Pakistan and the global lender reached staff-level agreement over $450 million loan installment after the IMF mission concluded its visit to Islamabad to initiate discussions on the second review of the authorities’ economic reform program supported under the Extended Fund Facility (EFF) arrangement.

IMF executive board is likely to give green signal to issue the next tranche of loan in April.

Last year in July, the IMF has approved a 39-month extended arrangement EFF for Pakistan for an amount of about US$6 billion to support the economic reform program of the government.

Pakistan had received the first installment of $991.4 million loan on July 9, 2019.

In December of the last year, the IMF had issued the second installment of around $454 million, bolstering the foreign exchange reserves.